Revision of Dividend Forecasts Upward for the Fiscal Year Ended March 31,2007

Revision of Dividend Forecasts Upward
for the Fiscal Year Ended March 31,2007

January 26, 2007
Nomura Research Institute, Ltd.

The board of directors of Nomura Research Institute,Ltd.(NRI) resolved today to increase the dividend as follows.

Reasons for Dividend Increase
NRI's basic policy (on profit distribution) is to provide appropriate and stable dividends, taking into consideration the enhancement of internal reserves to ensure long-term business growth. The target of dividend payout ratio is 30%, taking into consideration the business profit levels and the status of cash flow.
Taking into consideration the profit levels and the status of cash flow, the forecast of end of term dividend is revised 110 Yen per share as detailed below. The forecast of annual total dividend per share is 180 Yen, including the interim dividend already paid.
This dividend will be subjected to the legal audit for current term statement of account documents, and then officially ratified at the Board of Director's meeting to be held in May 2007.

Dividend per share for the fiscal year ended March 31, 2007(42nd term)

(Unit:Yen)

	Dividend per share
Dividend period	1^st Half	Fiscal Year	Annual Total
Previous forecast	70.00	100.00	170.00
Revised forecast		110.00	180.00
Current year result	70.00
Reference: Dividend for previous year (Year ended March 31, 2006)	50.00	90.00	140.00

(Note)

1.	Dividend per share is on the assumption of business environment and business results forecast.
2.	Dividend payout ratio estimates 27.6%.(based on revised financial results forecast of FY Mar.2007)
3.	In today's meeting of the Board of Directors, it was decided to implement a five-to-one share split of the Company's regular shares, with April 1, 2007 to be the effective implementation date. The dividend for the fiscal year ended March 31, 2007 has March 31, 2007 as the dividend date, with pre-split shares as the target.

[For general inquiries, please contact:]
Shin Ueoka, Investor Relations Department
Tel: +81-3-5533-3910
E-mail:

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